GBPUSD Down 9 Pips Over Past Hour, Moves Up For the 3rd Day In A Row; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated November 18, 2020 2:20 GMT)

At the time of this writing, GBPUSD’s rate is down -9 pips (-0.07%) from the hour prior. GBPUSD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPUSD. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

GBPUSD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPUSD is up 46 pips (0.35%) since the day prior (opening today near 1.32432), marking the 3rd day in a row an upward move has occurred. Out of the 40 instruments in the Forex asset class, GBPUSD ended up ranking 7th for the day in terms of price change. Below is a price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

The first thing we should note is that GBPUSD is now close to its 20, 50 and 100 day averages, located at 1.309, 1.2972 and 1.2955 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 10 days GBPUSD’s price has gone up 6 them.